Ludhiana: The Punjab government in next January will announce its new Industrial Promotion Policy that aims to attract Rs one lakh crore investment in next four years, Deputy Chief Minister Sukhbir Singh Badal said in Ludhiana on Friday.

He was here to inaugurate the 2nd edition of Destination Punjab, a roadshow by Confederation of Indian Industry (CII). He said he had already constituted a core group of industrial giants, besides sub-committees, on various sectors, who are giving final touches to the policy. On recommendations of this core group, suitablelegislations were being amended and by January 2013 the new Industrial Promotion Policy would be in operation in Punjab, he said.

Proposing the industrial cluster approach, Badal said that Punjab was setting up industry specific-industrial clusters especially in the Kandi (sub-mountain) area.

The Punjab Government has already identified the land for acquisition and would create land bank on the pattern of Gujarat to offer land to industrial houses off the shelf.

Announcing a new policy of Excise and Taxation Department to give preferential refund to compliant VAT accesses, Badal said that VAT accesses would be star rated into A, B and C category. A category accesses would get refund and other services on priority.

He said that an era of transparency has been ushered in the department with its total computerisation that would help the accesses in filing their returns.

Announcing a bonanza for hotel, real estate and health sector, Badal said that the Punjab Government would shortly give industrial status to these sector to give fillip to investment in these sectors.